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Still possess old demonetised notes? SC might come to your rescue!

04 July 2017

Rebuking the Centre for setting up a deadline for depositing demonetised currency, the apex court observed, "One can not make people suffer if they have genuine reasons, should be allowed to deposit old notes".

The Supreme Court on Tuesday asked the Centre and Reserve Bank of India (RBI) to provide an opportunity for people who were unable to submit demonetised bank notes before the December 30, 2016 deadline.

The Supreme Court Bench while hearing case said, "There can be a situation where a person has lost his/her money for no fault".

"We are also hearing only genuine cases where we are satisfied deposit can not be done because there is no window", the Chief Justice said.

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"You cannot take the money away" if a person says that it was his failing that he could not deposit the money and justify that "under no circumstance could he have deposited them", the apex court said.

"RBI could probably hear on case-to-case basis and not identify a class", Kumar said.

Prime Minister Narendra Modi on November 8 had announced the ban on old Rs 500 and Rs 1000 notes with immediate effect.

The government also assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016.

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However, there are still some section of people who were not able to change their old notes within the deadline time given by the government because of huge crowded lines at banks or the person may be out station during the time of demonetization. Over the next few days, the apex court will have a number of pending cases in front of it.

The Indian Express reported a bench comprising Chief Justice JS Khehar and Justices DY Chandrachud and SK Kaul said the matters be fixed for hearing after the summer vacation.

The apex court had on March 6 sought responses of the Centre and RBI on why demonetised notes were not accepted till March 31 as was promised. The Center gave until 31st December for people to exchange their money through any bank across the country or deposit it in their accounts.

On March 10, it sought replies from the Centre and RBI on the plea against tweaking of rules on exchange of demonetised currency.

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Still possess old demonetised notes? SC might come to your rescue!